Your salary is an expressed amount of pay that you receive weekly or less frequently, such as $600 weekly or $1,500 biweekly. Wages are based upon your hourly rate, such as $9 per hour; in this case, your pay is based on the number of hours you work during the pay period. As a biweekly salaried employee, you are paid every two weeks, such as every other Friday. Although your pay stub might show your salary for the pay period, it does not show your hourly wage. You can figure it out by applying the right formulas.
Figure out your salary by dividing your annual salary by the amount of days in the year. For example, $60,000/365 days = $164.38. This equals your daily rate.
Multiply your daily rate by 14 days, which make up a biweekly pay period, to get $2,301.37 for your biweekly pay. If there’s a leap year, which occurs every four years, divide the annual salary by 366 days instead of 365.
Divide the number of work hours in the day by your daily rate to arrive at your hourly wage. For example, $164.38/8 hours = $20.55 an hour.
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